The auction will add to pressure on Mario Monti, Italy's new prime minister leading a government of technocrats, to announce details of his plans to reduce Italy's budget deficit and promote economic growth as Italy hovers on the edge of renewed recession. After just a week in office, Mr Monti, former European commissioner, has only spoken in general terms of what he intends to do and has still not appointed his full team.

A cabinet meeting on Friday had been expected to announce names of deputy ministers and under-secretaries, but ministers emerging from the meeting said the issue was not discussed. Reports and comments from politicians suggest that Mr Monti has been blocked in his efforts to get the main political parties inside his government with senior posts. more